Jonah Lupton(@JonahLupton):Samsung delivered incredible preliminary Q3 results last night... Q3 revenues expected to be $145 billion USD Q3 operating profits expected to be $80 billion USD We'll need to see the final numbers in a few weeks but Samsung will likely report the most profitable GAAP quarter in the history of the universe :) Samsung is expected to grow revenues at 8% QoQ for the next 5+ quarters while growing net income at 12% QoQ for the next 5+ quarters which means net income in 2027 Q3 could top $105-110 billion with a decent shot at $115-120 billion There's a chance that Samsung will generate their entire market cap in GAAP net income from 2026 through 2030... cue up the massive buybacks... which means if net income grows at a 20-25% CAGR through CY2030 but they buyback 50% of the float over that same timeframe... then EPS will be growing at a 40-50% CAGR... which means not only is Samsung trading at 3.5x CY2027 EPS but Samsung might be trading at less than 1.0x CY2030 EPS

2026.10.08 12:32

Samsung delivered incredible preliminary Q3 results last night... Q3 revenues expected to be $145 billion USD Q3 operating profits expected to be $80 billion USD We'll need to see the final numbers in a few weeks but Samsung will likely report the most profitable GAAP quarter in the history of the universe :) Samsung is expected to grow revenues at 8% QoQ for the next 5+ quarters while growing net income at 12% QoQ for the next 5+ quarters which means net income in 2027 Q3 could top $105-110 billion with a decent shot at $115-120 billion There's a chance that Samsung will generate their entire market cap in GAAP net income from 2026 through 2030... cue up the massive buybacks... which means if net income grows at a 20-25% CAGR through CY2030 but they buyback 50% of the float over that same timeframe... then EPS will be growing at a 40-50% CAGR... which means not only is Samsung trading at 3.5x CY2027 EPS but Samsung might be trading at less than 1.0x CY2030 EPS

Jonah Lupton@JonahLupton

2026.10.07 15:20

Samsung doesn't get talked about enough... they report preliminary results tonight, here are the expected numbers... revenues up +152% YoY ebitda up +472% YoY net income up +692% YoY eps up +703% YoY Stock currently trades at 4.4x NTM EPS and 3.6x 2027 EPS... the current/forward multiple on this stock is just ridiculous. It sounds like HBM prices are going up at least 100% in CY2027 which might not be in the sell side estimates yet which means the stock might be cheaper than the current estimates suggest. Samsung current has a market cap of $1.25 trillion (USD)... they will probably generate at least $450B of operating income in 2027... so the stock is trading at less than 2.8x 2027 operating profits. I like $AMD (and we own it) but they're only expected to generate $30B of operating profits in CY2027 which means that stock is trading at 35x CY2027 operating profits... 12.5x more expensive than Samsung. SK Hynix, Micron and Samsung are probably trading at an average of 3.5x CY2027 EPS with EPS growing at least 50% in CY2027 (probably higher) and at least a 30% CAGR over the next few years and it could be 40-50% when you consider how tight memory supply will be through CY2028 which means the price hikes aren't over and these companies are going to buyback at least 10% of their float every year through 2030. LONG MEMORY!!!!

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